REGISTRATION DOCUMENT - Bourbon

CONSOLIDATED FINANCIAL STATEMENTS4Notes to the consolidated financial statementsThe change in the provision for pensions is as follows:(in € millions) 12.31.2011 12.31.2010Present value of the obligation at the beginning of the year 6.8 6.4Current service cost 0.7 1.0Interest cost 0.3 0.2Retirement indemnities paid (0.6) (0.4)Actuarial (Gains)/losses 0.3 0.2Past service cost 0.1 -Currency translation adjustment (0.0) -Reclassifi cations 0.0 -Effects of changes in consolidation scope and changes in consolidation method - (0.6)Present value of the obligation at closing 7.7 6.8o/w less than one year 1.3 0.8The current service cost is the present value of benefi t attributed tothe current year (cost of one additional year of work).Interest cost is the increase in the present value of the obligationresulting from the fact that it is one year closer to the date of paymentof the benefi ts. It represents the cost of one year of non-discounting.The past service cost refl ects the impact of a change in the provisionsconcerning retirement benefi t obligations made in 2011 in one of thecollective agreements applicable in France.The items recognized in the income statement over 2011 for retirement benefi t obligations were:(in € millions) 2011 2010Current service cost (0.7) (1.0)Past service cost (0.1) -Interest cost (0.3) (0.2)TOTAL EXPENSES RELATED TO RETIREMENT OBLIGATIONS (1.1) (1.2)3.15 FINANCIAL LIABILITIESFinancial liabilities (€2,184.9 million as of 12.31.2011) appear on the balance sheet in the items “Borrowings and fi nancial liabilities”, “Borrowingsand fi nancial liabilities (portion less than one year)”, and “Bank overdrafts and short-term lines”.a) Analysis by maturityThe maturities on the fi nancial liabilities are as follows:(in € millions) 12.31.2011 12.31.2010Bank overdrafts and short-term lines 273.6 270.9< one year 346.3 200.8Between one and fi ve years 1,043.4 984.0> fi ve years 521.5 519.9TOTAL 2,184.9 1,975.6o/w:Finance lease liabilities 91.9 77.8< one year 70.5 4.7Between one and fi ve years 15.1 70.8> fi ve years 6.3 2.4BOURBON - 2011 Registration Document 91